Men‘s fashion retailer Gio Goi has become the fourth retailer to collapse into administration in just one week, it has been revealed.
Gio Goi appointed Jane Moriarty and Colin Haig from KPMG as administrators late yesterday afternoon, following Jessops, HMV and Blockbuster into administration.
Last July, the retailer revealed that it had closed its three high street stores in Aberdeen, Glasgow and Manchester, but Gio Goi branded clothing continued to be sold by JD Sports, USC, Littlewoods, Republic, Lifestyle and a network of independent retailers.
Upon KPMG‘s appointment, the majority of Gio Goi‘s 24 employees were made redundant.
Entertainment retailers Blockbuster and HMV both appointed Deloitte as administrators earlier this week, and photographic retailer Jessops has closed all of its 187 stores after falling into administration last Wednesday.
Around 1,370 jobs were lost due to the collapse of Jessops and more than 9,000 more are at risk as administrators search for buyers for Blockbuster and HMV.
Commenting on Gio Goi‘s collapse, KPMG administrator Jane Moriarty said: “Following a restructuring programme last year, Gio Goi was unable to return to growth levels enjoyed up until 2009 and has become another victim of the recessionary environment.
“We are now looking to sell the business and assets and will continue to satisfy customer orders pending a sale of the business.”